TRADING IN SHARES

This query is : Resolved

Mayankkumar (Querist)
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18 August 2008 i trad in shares in previous accounting year 2007-08, my purchase amount around 34,00,000 and sales value around 39,33,000 rs. i recive STT paid certificate on rs. around 67,00,000 value of transction. can i liable for audit ? can i show it as a bussiness income or short term capital gain ? for income tax return which form ITR-1,2,3,4, ?.

pushpendra

pushpendra (Expert)
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19 August 2008 If you are doing intraday or F&O then you turnover will be net profit or gain. if your net profit of gain is more then Rs. 40 lakh then you need to audit your accounts. and you need to file return in ITR 4 .
If you taking delivery then it will be part of your capital gain or loss. and in this case also section 44AF for audit doesn't apply.

Mayankkumar

Mayankkumar (Querist)
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20 August 2008 THANK YOU.

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